Annual sales reports from BYD and Tesla, industry analysis reports

BYD Surpasses Tesla as Top EV Maker in 2024, Q4 Sales Highlight Shift

Jan 6, 2025, 01:35 AM

In 2024, BYD overtook Tesla to become the world's largest electric vehicle (EV) maker by sales, marking a significant shift in the global EV market. BYD achieved 1,764,992 sales, a 12.08% increase from the previous year, while Tesla's sales declined by 1.1% to 1,789,226 units, its first annual drop in nearly a decade. BYD's dominance was driven by its strong performance in China, where it captured around 34% market share, and its growing presence in international markets. In the fourth quarter, BYD sold 595,413 units compared to Tesla's 495,570. Meanwhile, Tesla's sales in China rose 8.8% to a record 657,000 units, including 83,000 sold in December, accounting for 36.7% of its global deliveries. However, Tesla faced challenges in Europe and other regions, leading to an overall decline in global sales. The competition between Tesla and BYD highlights the intensifying rivalry in the EV industry as Chinese automakers expand their influence globally.